The Globe and Mail reports that Canada is proposing to support the carbon-capture projects of oil-sands companies.
The Globe and Mail reported that Canada Growth Fund, the federal funding agency of Canada, has proposed to fund a multi-billion dollar carbon-capture project by Pathways Alliance. The Alliance represents Canada's largest oil sands producers. According to a report published on Sunday, which cited sources familiar with this matter, the CGF's offer is likely to start further negotiations. However, the final agreement is still months away as the two sides are at odds on certain key terms. Carbon capture is the process by which the carbon dioxide produced from industrial activity can be stored underground.
Eros Resources merges with Canadian mining rivals
The companies announced on Tuesday that Canadian small-scale gold mining company Eros Resources will merge with rivals MAS Gold & Rockridge Resources in order to develop copper & gold projects in Saskatchewan. This Canadian province is home to copper mines as well as potash, uranium and other metal deposits. The spot gold price has risen by about 29% this year, mainly due to expectations of rate cuts. Also, there is a demand for safe-havens amid increasing geopolitical tensions. Copper prices are also up on the back of long-term copper demand.
Upstream Sector Leads O&A M&A in 2019
A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process.According to GlobalData's theme report, ‘M&A in Oil and Gas – 2020’, the acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the highlight of oil and gas M&A activity last year, says GlobalData, a leading data and analytics company.Ravindra Puranik…
Canadian Energy Sector to Boost Spending
Capital spending by Canada's oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday.CAPP said a corporate tax cut by Alberta's provincial government last year and its easing of oil production limits will lead to higher spending.Congested pipelines created a glut of oil in storage in the Western Canadian province in recent years…
Canada-US Pipelines Restart After Weather Disruptions
Two major pipelines carrying oil from Canada to the United States resumed operations on Wednesday after brief disruptions due to power outages from severe weather in Saskatchewan, Canada, a day earlier.A number of lines on Enbridge Inc's Mainline system, which carries about 1.2 million barrels per day of crude and other liquids, and TransCanada Corp's 590,000 bpd Keystone crude pipeline were hit by power outages on Tuesday in the western Canadian province.TransCanada's Keystone pipeline was operational on Wednesday after it experienced a brief outage due to power disruptions…
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion, 1…
Canada Moves Crude One Truckload at a Time
At an Alberta oil loading terminal, a convoy of big rigs are gearing up to haul Canadian crude oil hundreds of miles through bone dry fields across the U.S. border into Montana, where the oil will be transferred to pipelines and rail cars headed south and west. Trucks loaded with crude are an increasingly common sight at the border. Production has risen in the world's fifth largest producer but full pipelines and a rail car shortage have made it difficult for drillers to ship oil out of Canada. Some oil producers are feeling the pressure from customers.
Gibson Energy's Biggest Shareholder Calls for Strategic Review
M&G Investment Management Ltd, the largest shareholder in Canada's Gibson Energy, on Monday urged the Calgary-based oil and gas infrastructure company to launch a strategic review process to cut costs and boost returns. London-based M&G, which owns 19.4 percent of Gibson's outstanding shares, released an open letter laying out its views of the company and the steps it could take to maximize value, including being sold. Gibson Energy, which provides storage and transportation services to energy companies across North America, has been hard hit by the prolonged slump in global crude prices.
Halcon Resources to Shed Some Williston Assets
Oil producer Halcon Resources Corp said on Tuesday it would sell assets it operates in the Williston Basin to Bruin E&P Partners for $1.4 billion in cash, as it looks to focus on the more lucrative Delaware Basin. Halcon shares were up 40 percent at $6.30 in premarket trading. The Delaware basin, part of the larger Permian Basin, has seen a slew of land acquisitions as producers scramble to gain or expand positions in the top U.S. oil field. The assets to be sold produce about 29,000 barrels of oil equivalent per day, Halcon said in a statement.
Pembina Adds Natgas Infrastructure in Veresen Deal
Pembina to pay as much as C$1.52 bln in cash, 99.5 mln in shares; offer at 22.5 pct premium to Veresen's last close. Pembina Pipeline Corp said it would buy smaller rival Veresen Inc in a stock-and-cash deal valued at C$9.7 billion ($7.10 billion), including debt, giving the Canadian pipeline operator access to natural gas pipelines and processing infrastructure. The combined company will have a strong position in the Western Canadian Sedimentary Basin, home to the world's third largest crude reserves.
Canada Responds Tundra Energy Terminal Oil Spill
Canada's energy regulator on Thursday said it was responding to a crude oil release at Tundra Energy Marketing Ltd's Ingoldsby terminal southeast of Regina, Saskatchewan. The incident occurred on Jan. 31 and did not result in any fire or injuries, the National Energy Board said, adding that it would verify the company's initial report that about five cubic meters of oil was spilled. The latest incident comes days after Tundra Energy confirmed that its pipeline was the source of a leak of some 200…
Industry Group Boosts Canadian Oil Well Drilling Forecast
The Petroleum Services Association of Canada upped its 2017 oil and gas well drilling forecast by 23 percent on Monday as global oil prices recover from a two-year rout. The industry body now estimates 5,150 wells will be drilled across Canada this year, up from its previous 2017 forecast, made in November, of 4,175 wells. Canada's oilfield service sector was hard hit by the collapse in global oil prices since mid-2014 as producers cancelled exploration and drilling plans and slashed capital investment. But with U.S.
Canada Oil Spill Came from Tundra Pipeline
The president of Tundra Energy Marketing Ltd on Wednesday confirmed its pipeline as the source of a leak of some 200,000 liters (52,834 gallons) of crude oil onto aboriginal land in Saskatchewan that was discovered by a member of the community last week. "TEML continues to work closely with the Ocean Man First Nation community and regulatory authorities to complete the cleanup and repairs," Bryan Lankester wrote in an email. The spill was discovered just days before U.S. President Donald…
Crews Seek Source of Saskatchewan Oil Spill
The oil spill clean up on an aboriginal reserve in western Canada continued on Tuesday as crews prepared to excavate the site to determine the source of the leak, the provincial government said. A pipeline in the province of Saskatchewan leaked 200,000 liters (52,834 gallons) of oil last week, according to the government, which was notified of the leak on Friday. The breach leaked the oil onto farmland at the Ocean Man First Nation, 140 km (87 miles) southeast of the provincial capital of Regina. No residences are close to the spill site but it is near a cemetery which is considered sacred land by the band.
Canadian Oilwell Drilling Forecasted to Jump in 2017
Drilling in Canada's oil and gas fields will pick up in 2017 because of more favourable pricing after two years of record low activity, an industry group said on Tuesday in its annual forecast. The Canadian Association of Oilwell Drilling Contractors said a more stable U.S. benchmark crude oil price would lead to a 31 percent increase in the number of wells drilled to 4,665 next year from an estimated 3,562 by the end of 2016. The industry group forecast operating days would rise 21 percent to 48,980 in 2017 but expects the fleet to drop by 55 drilling rigs to 610.
Canadian Carbon Price Worries Farmers, Fertilizer Makers
Canada's carbon price may weaken the farm sector in one of the world's biggest grain-shipping countries, raising farmers' costs and discouraging investment in fertilizer production, industry groups say. Ottawa this month promised a price on carbon emissions by 2018 to protect the environment, and will let provinces choose between a tax or cap and trade system. Carbon pollution will cost C$10 a tonne in 2018, rising annually until reaching C$50 in 2022. At C$50, it would raise fertilizer prices by C$2 per acre for Canadian farmers…
Zargon Oil & Gas Sells Southeast Saskatchewan Assets
Zargon Oil & Gas Ltd. announced the closing of the sale of all of its Southeast Saskatchewan assets for cash consideration of $89.5 million. The effective date of the transaction is July 1, 2016. The proceeds of this transaction have initially been used to eliminate Zargon's bank debt. Bank debt and net working capital - $64.8 million as of June 30, 2016. Net sale proceeds after adjustments (transaction and severance costs) - $86.8 million. Net post-closing cash balances - $22.0 million.
Oil Spill from Husky Pipeline Reaches Saskatchewan City
An oil spill by Husky Energy Inc into a major Canadian river reached the city of Prince Albert, Saskatchewan on Monday, hours earlier than expected, as workers there raced to stretch a 30-kilometre (19-mile) hose to draw drinking water from another source. The heavy oil and diluent leaked from Husky's Saskatchewan Gathering System pipeline on Thursday, flowing into the North Saskatchewan River, which supplies drinking water to several communities in the western Canadian province. A sheen was visible on the river in Prince Albert on Monday morning…
Canada Seek to contain Oil Spill
Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a previous barrier and threatened the drinking water of several communities along the coast. The city of North Battleford, which draws its drinking water in part from the North Saskatchewan River, shut its supply intake on Friday and switched to using ground water, provincial officials said in a telephone conference with reporters. Some 1…
Husky Energy Rushes to Clean up Canada Oil Spill
Crews rushed to clean up on Friday an oil leak by Husky Energy into a major Canadian river, as officials focused on concerns about contaminating drinking water of communities downstream. The company said late on Thursday it shut and isolated a pipeline on its Saskatchewan Gathering System, after roughly 200,000 to 250,000 liters of heavy oil and diluent spilled from the line, running into the North Saskatchewan River. "My understanding is that the leak is stopped, the site is contained, and they are fully into clean-up phase," said Karen Hill, spokeswoman for Saskatchewan's environment ministry, in an email.
